With different generations in the workplace requiring personalized approaches, the pension industry is reimagining traditional savings plans, said Brady Aarssen, assistant vice-president of business development strategy at Great-West Life Assurance Co., speaking at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Millennials, for instance, are the largest segment of the workforce, they’re […]
If there’s one thing Canada’s pension industry can agree on, it’s the work that needs to be done around defined contribution pension plans. In February, on the second morning of Benefits Canada’s DC Plan Summit in Banff, Alta., a roomful of plan sponsors, record-keepers, investment managers and consultants compiled a wish list for DC plans. […]
The Canadian Association of Pension Supervisory Authorities has published an updated version of its guideline No. 8 for defined contribution plans, focusing on three main areas: the payout phase, plan sponsor/administrator responsibilities and advice. Introduced in March 2014, Guideline No. 8 aims to spell out the rights and responsibilities of DC plan administrators, providers and members. It […]
The Empire Life Insurance Co. has developed an interactive tool to help Canadians move towards achieving their retirement and savings goals. The tool, which plan sponsors can offer to their members, aims to help people determine whether they’re on track to meet their desired income in retirement or savings goals by asking a series of questions. It […]
The introduction of more flexible annuity options for capital accumulation plans and reform to prescription drug coverage are among the recommendations by the Canadian Life and Health Insurance Association for the 2019 federal budget. In a letter to the Ministry of Finance, the CLHIA highlighted the increasing need for Canadian retirees to convert some or all of […]
Readers were focused on the Canada Pension Plan and old-age security in 2018, with the top three most read stories tackling those topics. Benefits Canada rounds up the industry’s favourite pension and retirement stories of the year: 1. New CPP, OAS benefit amounts take effect for 2018 2. Increase to OAS benefits takes effect July 1 3. Why aren’t Canada’s public […]
From a research perspective, very little is actually known about the post-retirement phase for defined contribution plan members, according to one expert. A lot of past logic about this phase has been problematic, said Stephen Utkus, principal and director at the Vanguard Center for Investor Research, at the 2018 Defined Contribution Investment Forum in Toronto in September. The […]
Even though many plan sponsors are moving away from defined benefit plans, many organizations still have a paternalistic culture and want to help guide their employees towards a successful retirement, Nick Nefouse told delegates at the 2018 Defined Contribution Investment Forum in Toronto in September. Plan sponsors are asking for help with this goal, but […]
Ontario’s pension regulatory landscape has seen a number of recent changes, with many of these affecting defined contribution plan sponsors, according to one expert. Speaking at the 2018 Defined Contribution Investment Forum in Toronto in September, Mark Eagles, senior manager for pension policy at the Financial Services Commission of Ontario, took delegates through the changes. The […]
Imagine there was an option to assemble the ideal retirement savings plan: a pinch of automatic features, a teaspoon of benefits guarantee, a cup of pooled investments, stirring the best elements of a defined benefit pension into the structure of a defined contribution plan. It may not be as simple as combining ingredients, but as […]